Asian markets got hit hard today. Trading was suspended in Jakarta after it fell 10%. From the BBC:
Asian markets have plummeted amid fears that the financial crisis will prompt a prolonged global downturn.
Japan’s Nikkei index closed down 9.4% – falling 952.58 points to its lowest close since June 2003 – taking losses over the past fortnight to 24%.
The Nikkei closed at 9,203 points. Hong Kong’s Hang Seng index was 5.5% lower. Australia’s key index lost 5%.
This is now a global crisis. We are headed for massive government interventions into the markets across the globe to prevent a free fall and to restore confidence in the credit and financial markets. The dangers of a global recession appear to be very real.